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2004-1-19 10:25:00 a.m. HKT, XFNA
Hong Kong's MegaInfo shares higher early on debut
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HONG KONG (AFX-ASIA) - MegaInfo Holdings (8279.HK) was higher in early
trade as it made its debut on the Stock Exchange of Hong Kong.
MegaInfo was at 0.275 hkd after opening at 0.50, against its IPO price of
0.25, on volume of 5.23 mln shares worth 1.80 mln hkd.
The company raised 30 mln hkd through placement of 130 mln shares of
which 120 mln are new shares and 10 mln are existing shares sold by its
majority shareholder Vodatel Network Holdings Ltd (8033.HK).
The net proceeds of 23 mln hkd from the share sale will be applied in
expansion of the company's research and development capacities, expansion of
marketing networks and after-sale services centres in Hong Kong, Macau and
mainland China and acquisition of software companies.
The company, which provides digital image processing solutions for
corporates, achieved a net profit of 779,000 hkd for the year to June 2003,
against a loss of 210,000 in the previous year.
peter.chan@afxasia.com
ptc/ram
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